Pakistan Journal of Social Sciences
ISSN: Online 1993-6052ISSN: Print 1683-8831
Abstract
Through the decades, the determination of the appropriate pricing mechanics of petroleum products has remained a thorny issue in Nigeria. Two schools of thought, producing robust debates have emerged over the issue. Pro-deregulation or liberalization theorists champion the cause for the determination of retail prices by market forces. They argue that public sector subsidies are unsustainable, wasteful and lead to graft in the downstream sub-industry. There is an abundance of demonstrable credit in this standpoint; institutional and infrastructural decay in the distribution chain have for long, remained the hallmark of government monopoly. But market forces do not always produce optimal outcomes. These concerns are fueled by skepticisms about wages, labour and the scope of distribution markets. There is also evidence showing a disconnect between the petroleum economy and other sectors of the national economy. The study finds that the just distribution of economic benefits derived from petroleum production has proven elusive.
How to cite this article:
Amana Amade Roberts and S.A. Amana. Oil, Product Price Deregulation and National Development in Nigeria.
DOI: https://doi.org/10.36478/pjssci.2011.294.300
URL: https://www.makhillpublications.co/view-article/1683-8831/pjssci.2011.294.300